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Smart Elevator Market Growth Analysis | 2023-2028
Smart Elevator Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The smart elevator market was estimated at USD 9.72 billion in 2022 and is likely to grow at a CAGR of 5.41% during 2023-2028 to reach USD 13.34 billion in 2028.
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Smart elevators are aimed at transforming the simple act of traveling between floors. Users can control smart elevators by pressing a key to set their destination. An indicator on the elevator directs users to their desired destination. Different types of connectivity can be used to control or monitor a smart elevator.
COVID-19 Impact
The sudden outbreak of the pandemic shook the smart elevator market to the core. The majority of end-use industries experienced supply chain disruption, cash flow constraints, and temporary shutdowns in manufacturing facilities. As a result, end-use industries witnessed a decline in the demand for smart elevators.
The decline in end-use industries that use smart elevators negatively impacted their growth trajectory to an extent. However, the long-term market outlook still seems propitious with rising infrastructure transformations and constructions globally as well as ample growth opportunities across regions.
The market is majorly driven by the rise in the smart city concept and growing urbanization which increasing demand for smart vertical transport. IoT, AI, and automation improve the function, safety, and convenience of elevators in a building while changing consumer preferences through energy-efficient solutions making sustainability an attractive factor to incorporate into a building.
Also, increasing safety issues such as touchless controls and real-time monitoring make for the increased demands. This is particularly because an aging population increases the size of the potential market owing to the need for elevators with elderly features.
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The players are performing strategic mergers & acquisitions to gain an edge in the market. Hitachi Ltd. announced the acquisition of a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator markets. Bay State Elevator was acquired by Otis Elevator Company to expand its business in the northeast U.S.
The following are the key players in the market (arranged alphabetically):
Note: The above list does not necessarily include all the top players in the market.
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|
Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
Solution-Type Analysis |
Control Systems, Maintenance Systems, Communication Systems, and Services |
Control systems are expected to remain the biggest demand generator for smart elevators in the foreseeable future. |
|
End-Use-Type Analysis |
Residential, Commercial, Institutional, and Industrial |
The commercial sector is expected to lead the market during the forecast period. |
|
Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to remain the largest region in the market for smart elevators during the forecast period. |
“Control systems are expected to remain the biggest demand generator for smart elevators in the foreseeable future.”
The market is segmented into control systems, maintenance systems, communication systems, and services. Control systems are the most widely used solution type and they are expected to remain the biggest demand generator for smart elevators in the foreseeable future.
Control systems not only provide enhanced security and management in crowded buildings, but they also include fast connectivity parameters, advanced access control, and video surveillance to ensure high passenger comfort and elevator security. Control systems are further classified as a security control system, elevator control system, and access control system.
“The commercial sector is expected to lead the market during the forecast period.”
The market is segmented as residential, commercial, institutional, and industrial. The commercial sector is expected to lead the market on account of the integration of energy-efficient initiatives and digital building technologies into commercial structures. The need for smart elevators is rising along with the demand for commercial spaces.
“Asia-Pacific is expected to remain the largest region in the market for smart elevators during the forecast period.”
The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, Asia-Pacific is expected to remain the largest region in the market for smart elevators during the forecast period.
Rapid population growth and urbanization in countries such as India, China, and Japan are expected to provide significant growth opportunities for smart elevators over the forecast period.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s smart elevator market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our smart elevator market report from the industry stakeholders, we have tried to further accentuate our research scope to the smart elevator market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The smart elevator market is segmented into the following categories:
By Solution Type
By End-Use Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research:
Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
Smart elevators are aimed at transforming the simple act of traveling between floors. Users can control smart elevators by pressing a key to set their destination. An indicator on the elevator directs users to their desired destination. Different types of connectivity can be used to control or monitor a smart elevator.
The smart elevator market was estimated at USD 9.72 billion in 2022.
The smart elevator market is likely to reach USD 13.34 billion in 2028.
The smart elevator market is likely to grow at a CAGR of 5.41% during 2023-2028.
The growth of the market can be attributed to factors such as government initiatives to adopt energy-efficient solutions, as well as increasing infrastructure transformations and constructions around the world.
Asia-Pacific is estimated to be dominant in the market in the coming years owing to the rapid increase in population and the rising trend of urbanization in key Asian countries.
Control systems are likely to maintain their dominance in the market over the next five years owing to the numerous features provided by smart elevators, such as fast connectivity parameters, advanced access control, and video surveillance, among others.
Bosch Security and Safety Systems, Fujitec Co., Ltd., Hitachi Ltd., Honeywell International, Inc., Hyundai Elevator Co., Ltd., Kone Corporation, Mitsubishi Electric Corporation, Motion Control Engineering, Inc., The Schindler Group, Thames Valley Controls Ltd are some of the key players in the market.
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